I totally agree. Characterising Google as "flailing" because Gemini isn't the #1 model for coding at the moment is... not realistic, to put it politely. In addition to the factors you mention, Google has enormous cash flow from its ad business, which translates to a long runway when compared to other frontier AI outfits.

It's possible that they will nevertheless snatch defeat from the jaws of victory, of course, but I personally think they're in the strongest position of them all.